It's amazing to see that using Taskhelper has increased your income; congratulations! Even though it's always good to have a little additional revenue, it's crucial to avoid blowing it all at once and failing to pay taxes. It's important to file your taxes correctly, and we are delighted to assist you.

You may find the answers to the following questions here:

Do I have to pay tax on my Taskhelper income?

indeed you do!

You most likely make money from a variety of sources every year, with Taskhelper being one of them. Others might come from your job, other businesses you operate, or investment income from items like bank interest, stock dividends, or property rental income.

This income is all taxable.

As a result, you must keep a record of the tasks you have completed through Taskhelper and the money you receive from them.

On your tax return, this income must be shown as business income. Instead of recording the net amount you get after deducting the Service Fee, you must record the gross amount (task price) that clients (Task Posters) pay you.

Can I claim any deductions against my Taskhelper income?

You can, which is good news.

Any costs incurred in earning your Taskhelper revenue are tax deductible.

I have income and deductions. Now, what?

The surplus is added to your other taxable income and is taxed if your income is greater than your costs.

If your costs are higher than your income, you can use the loss to reduce other taxable income. The loss is carried forward if you don't have any other taxable income.